Hazel Promotional Products, LLC, a subsidiary of Ryno Industries, Ltd., has signed a letter of intent to acquire certain assets of Alcraft, Inc. of Pawtucket, Rhode Island. Alcraft is a supplier of promotional products specializing in writing instruments, watches, clocks as well as technology accessories such as mouse pads and calculators.
Brandon T. Steele, president and chief executive officer of Ryno Industries LTD, parent company of Hazel, said, “The acquisition of Alcraft represents an exciting opportunity for us to integrate their product line into Hazel’s. By marrying two of the most recognized brand names in the industry, their complementing product lines will help us create one of the most formidable competitors in the marketplace.”
In announcing the sale, Louis Sugarman, co-founder and co-owner of Alcraft, said, “Having both reached retirement age, Max Dressler, co-founder and co-owner, and I are ready for the next steps in our lives. We feel that we could not have chosen a better team than Hazel to take the reins and move Alcraft forward. We believe that the economies of scale that they will be able to create will position them well for the future.”
Steele sought and acquired Hazel a few months ago, in October of 2004. His company, Ryno Industries LTD, is described as the market leader in custom athletic bags.
